Amerigas Sets $525M High Yield Bond Deal Backing M&A

AmeriGas Partners today placed a $525 million offering of 10.25-year bullet notes at the wide end of talk, sources said. Bookrunners for the SEC-registered deal were J.P. Morgan, Wells Fargo, Bank of America Merrill Lynch, and Citigroup. Proceed will be used to back a tender offer for the company’s 7% notes due 2022. In December, the company printed $700 million of 5.5% notes due 2025, also to back the redemption of the 7% notes due 2022. King of Prussia, Pa.–based AmeriGas (NYSE: APU) distributes propane and related equipment and supplies in the U.S. Terms:

Issuer AmeriGas Partners
Ratings Ba3/BB (Moody’s/Fitch)
Amount $525 million
Issue Senior (SEC-registered)
Coupon 5.75%
Price 100
Yield 5.75%
Spread T+336
Maturity May 20, 2025
Call non-callable for life
Trade Feb. 6, 2017
Settle Feb. 13, 2017
Sole bookrunner JPM/WFS/BAML/C
Price talk 5.5–5.75%

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